CVS HEALTH CORPORATION (CVS)

CVS Health Corporation together with its subsidiaries, is the largest integrated pharmacy health care provider in the United States. We are uniquely positioned to deliver significant benefits to health plan sponsors through effective cost management solutions and innovative programs that engage plan members and promote healthier and more cost-effective behaviors. Our integrated pharmacy services model enhances our ability to offer plan members and consumers expanded choice, greater access and more personalized services to help them on their path to better health. We effectively manage pharmaceutical costs and improve health care outcomes through our pharmacy benefit management (“PBM”), mail order and specialty pharmacy division, CVS Caremark® Pharmacy Services; our more than 7,800 CVS/pharmacy®, Longs Drugs® and Drogaria Onofre® retail stores; our retail-based health clinic subsidiary, MinuteClinic®; and our online retail pharmacies, CVS.com® and Onofre.co CEO – Larry J Merlo Geographic Locations – United States and Brazil Company Overview

History –1960’s –Founded in 1963 in Lowell MA –Began Pharmacy Operations in 1967 –1970’s –CVS has 100 stores in New England by 1970 –CVS doubles in size via M&A throughout 1970s –1980’s –Continued M&A and Diversification –1990’s –CVS launches PBM (Pharmacare) and Disease Management Programs (CarePatterns) –Defines Pharmaceutical Services as Core Operation –2000’s –Acquired MinuteClinic –Becomes largest provider of Prescriptions and Health-Related Services in US –Opens 7000 th CVS/Pharmacy Store –Current –Additional Acquisitions Company Overview (Cont)

3 Reporting Segments –PBM Services –Plan Design and Administration –Formulary Management –Discounted Drug Purchase Arrangement –Medicare Part D –Mail Order –Specialty Pharmacy –Network Mangement –Rx Management Systems –Clinical Services, Disease Management –Retail Pharmacy –Prescription Drugs –OTC and Personal Care –Beauty/Cosmetics –General Merchandise –Corporate Company Overview (Cont)

Key Customers & demographics: –PBM and mail services for 2,000 clients and 65 million plan members –CVS Minute Clinic operates 1,000 clinics in retail drug stores –CVS Specialty, home to our specialty pharmacy management services, Accordant® care management, NovoLogix® automated claims review, Coram®infusion services, and other offerings for patients who require treatment for rare or complex conditions Distribution Channels: –Mail order and retail pharmacy stores Overview Continued

CVS Health’s role in the healthcare environment 6 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna They have their hands in a lot of cookie jars. Wholesale Distribution of Generic Drugs Retail, Mail Order, Specialty Pharmacies Pharmacy Claim Adjudication & Cost Management Medical Cost Management They help keep the cost of drugs down. The help with distribution of drugs. They compete with Cigna’s mail order & Specialty pharmacies. They adjudicate claims & help carriers/ employers control costs. Some of Cigna’s clients carve out this service to CVS Health. They help clients manage medical cost. This could become competition for Cigna.

Health Is Everything –Putting Care Within Easy Reach (Access) –Reduce Costs, Not Care (Costs) –Helping People to Stay Healthy (Quality) Value Prop

What Should We Know? 8 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna CVS value prop aligns very closely to Cigna's - delivering breakthrough products and services to increase access to care, improve health outcomes, and lower overall health care costs. It tries to look at the holistic approach to the individual, and better management of their health, which is exactly what we are trying to do. Some financial analysts list Cigna as a direct competitor of CVS. We want to look at their expertise in the retail pharmacy space and continue to stay ahead of them. If we want to keep the revenue stream from our mail order pharmacy we need to enhance our benefit design ( in states that will allow us) to incent customers to purchase their drugs through our mail order, especially specialty medications. Cigna's value prop is still about integration and the full package of benefits we can provide, and they still mainly focus on pharmacy services and fulfillment

Financials 9 Confidential, unpublished property of Cigna. Do not duplicate or distribute. Use and distribution limited solely to authorized personnel. © 2015 Cigna CVSCigna Cash and CE2,5151,420 Net Cash from Operations8,1371,994 Total Revenues139,36734,914 Operating Profit8,7993,304 Operating Profit Margin6.31%9.46% Net Profit4,6442,102 Net Profit Margin3.33%6.02% EPS ROE12.23%19.50% Revenue Growth9.94%7.83% Net Income Growth1.13%42.40% EPS Growth5.88%51.20%